Strong Support Zone Emerges as BONK Consolidates
The BONK/USDT market has shown notable resilience after a sharp retracement from a major resistance level, with price action now stabilizing at a clearly defined support zone. This technical behavior suggests that market participants are closely defending these lower levels, potentially setting the stage for the next decisive move.
Following its recent rally, BONK reached a resistance area around 0.00002800–0.00003000 USDT, where sellers stepped in to cap further gains. The rejection at this zone sparked a pullback, but instead of extending into deeper losses, the cryptocurrency found solid footing near the 0.00002380–0.00002420 USDT support band.
BITXMarket analyst commentary indicates that this green-marked support is not just a random level but aligns with prior breakout zones from mid-July. “Support levels that coincide with former breakout points often act as strong demand zones, as traders who missed the initial move look for a second entry,” one technical strategist noted.
Volume analysis shows sustained participation during this consolidation, hinting that neither bulls nor bears have yet gained a decisive upper hand. The market has also respected this support multiple times in recent sessions, underlining its importance.
From a broader perspective, the chart highlights a previous descending channel breakout in late June, which transitioned BONK into a bullish phase. The price surge that followed propelled it into higher ranges before this current pullback. Many traders now view this retracement as a normal correction within an ongoing uptrend, provided the support holds.
“Maintaining stability above this zone is crucial,”According to BITX . “If BONK can defend this base and reclaim the mid-range near 0.00002650 USDT, momentum could return quickly.” Conversely, a breakdown below the green zone could invite a retest of the 0.00001800 USDT historical support, marked in orange on the chart.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.